Barclays to Restructure Investment Bank Arm

Barclays announced a
shake up at its investment banking business on Thursday aimed at
streamlining the business in the face of a more challenging
outlook for the industry.

Barclays announced a
shake up at its investment banking business on Thursday aimed at
streamlining the business in the face of a more challenging
outlook for the industry.

Rich Ricci, head of corporate and investment banking, told
staff in a memo seen by Reuters that regulatory change and
clients' demands mean a greater degree of regional leadership
and coordination is needed.

He will merge trading and distribution teams across fixed
income, commodities and currencies (FICC) and equities into a
new Markets business, which will be led by Eric Bommensath, who
was previously head of FICC globally and trading in Europe.

Jerry Donini will become chief operating officer for
corporate and investment banking.

Ricci has been reviewing the management structure since
becoming sole head of the business in July, after co-head Jerry
del Missier quit in the wake of a Libor interest rate rigging
scandal that rocked Barclays.

"We have taken market share through the turbulence of recent
times, but with markets remaining challenging we must continue
to control our own destiny," Ricci said in the memo.

Skip McGee will become chief executive of corporate and
investment banking in the Americas, adding to his role as head
of the advisory division.

Patrick Clackson will head the business in Europe, the
Middle East and Asia, and Robert Morrice will remain as chief
executive for Barclays in Asia Pacific.

Ricci announced several senior staff will leave.

Iain Abrahams, who became an vice chairman of Barclays last
year, will leave at the end of this year. He worked with the
group on treasury and tax issues, and retained responsibilities
in the investment bank, including managing legacy real estate
positions.

Also leaving at the end of the year are Ivan Ritossa, the
investment bank head in Latin America, central and eastern
Europe, Middle East and Africa, and Guglielmo Sartori di
Borgoricco, head of distribution.